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You work hard to run a successful business in Belleville, IL, so don’t drop the ball and risk everything due to inadequate business insurance. There are four basic categories of business insurance: professional liability, product liability, general liability and commercial property coverage.

Additionally, employers must have adequate workers compensation insurance for employees.

Professional Liability Insurance

Professional liability insurance is also called malpractice insurance. It protects small businesses against claims caused by negligence or an error on the part of your business or your employees. Liability insurance is required if you’re a dentist, doctor or other licensed professional. This means that not all businesses are legally required to have it. However, if you work with the public as a general contractor, you need liability insurance to protect yourself and your business. This includes most businesses such as hair salons, restaurants, or retail stores.

Commercial Property Insurance

Commercial property insurance works like homeowners insurance except for your business. It covers the structure and contents of the insured business. There are two types:

Peril insurance covers the equipment, buildings and contents against certain and insured losses. These typically include flood, fire, and vandalism, but the amount covered is limited to the amount specified in the policy, even if damages exceed that.

All-risk policies insure equipment, buildings and damage caused by a range of events covered in the policy. This could include earthquakes, floods or an act of war. Commercial property insurance is generally required and is really a must-have coverage.

Product Liability Insurance

If your small business is in manufacturing or distribution, consider product liability insurance to protect your assets. It covers your company against claims for defective products and is sometimes required by law.

General Liability Insurance

General liability covers the small business against costs for accidents, injuries and libel or slander. General liability insurance gives your small business protection against many kinds of legal action associated with normal business activities.

Workers Compensation Insurance

Workers compensation is mandated by Illinois state law and covers employees injured at work or while performing job-related duties.

Feel free to contact any of the experienced representatives at Yaekel Insurance to discuss your small business insurance needs or to arrange a meeting to a quote.